R  E  P  0  H  T 


f.^,/^-.^-. 


tjoinsrx   co3^^Jsd:iTTEE 


■fiiks  anb  ^anhing, 


ITIRE  OK  THU  STATE  (»l'  liOriSlANA. 


B  A  1'  U  N     K  (^  (    G  K  : 
M       11  Y  N'  T.'  M        STATE       I'  R  I  N  T  E  R 

1861. 


-'t^c-— -,^^S~ 


i{  E  p  0  n  T 


OrOIISTT     COIvIIvariTTTE 


lUWW^ 


II lib  § 


nulling, 


LEGISLATURE  OF  THE  STATE  OF  LOUISIANA. 


BATON   ROUGE: 

tOM     IJYNUM       STATE     PltlNTEn 
1861.    / 


REPORT 


To  the  Senate  and  House  of  Representatives:' 

Gentlemen — T'^nder  the  "  act  to  revive  the  charters  of  the  several  Banks 
located  in  the  city  of  New  Orleans  and  for  other  purposes,"  approved  Feb- 
ruary 5th,  1842,  your  Joint  Committee  on  Banks  and  Banking  proceeded  to 
the  city  of  New  Orleans  for  the  purpose  of  investigating  the  several  Banks 
of  the  State  and  now  beg  leave  to  submit  their  report 

At  the  close  of  the  last  session  of  the  Legislature  the  Banks  were  left  in 
a  sound  and  healthy  condition,  no  action  of  the  Legislature  being  required. 
Under  the  laws  in  existence  the  currency  of  the  State  of  Louisiana  has 
always  been  looked  upon  as  the  very  best,  and  as  long  as  the  act  of  Febru- 
ary 5th,  1S42,  has  been  strictly  adhered  to,  under  the  supervision  of  the 
Board  of  Currency,  the  paper  issue  of  our  Banks  has  been  regarded  as  safe,  as 
though  the  parties  held  coin  instead  of  paper.  The  great  revolution  inaugurated 
by  the  people  of  the  Southern  States  during  the  last  ten  months,  and  the 
establishment  of  a  new  Government,  has  created  a  new  era  in  the  history  of 
the  American  people.  The  great  expenditure  of  money,  caused  by  this 
revolution,  required  all  the  energies  of  the  people  to  furnish  the  aid  neces- 
sary to  carry  it  on.  The  necessary  consequence  was  that  the  new  Govern- 
ment of  the  Confederate  States  had  to  resort  to  an  issue  of  Treasury  Notes. 
At  the  opening  of  the  war  all  the  Banks  of  the  several  States  of  the  Con- 
federacy were  paying  specie,  and  the  issue  of  the  Confederate  Treasury 
Notes  were  at  a  discount  of  from  five  to  ten  per  cent.  The  Government,  in 
order  to  enable  them  to  carry  on  the  wheels  of  Government  and  cause  the 
Treasury  Notes  to  be  taken  at  par,  requested  a  Convention  of  the  Banks  of 
the  Confederacy  to  take  into  consideration  the  propriety  of  suspending  specie 
payment.  The  several  States  were  duly  represented  and  a  resolution  was 
passed  requesting  all  the  Banks  to  suspend.  The  delegates  from  Louisiana, 
sitting  in  the  Conwention  by  invitation  from  the  other  delegates  of  sister 
States,  on  the  passage  of  that  resolution  withdrew,  as  they  could  not  sanc- 
tion suspension  on  the  part  of  the  Banks  of  Louisiana.  The  Banks  repre- 
sented in  that  Convention,  with  the  exception  of  those  in  the  city  of  New 


Orleans,  all  suppended.  Louisiana  then,  with  the  exception  named,  was  tho 
only  State  that  remained  with  all  her  Banks  paying  specie,  as  those  located 
in  Montgomery,  Alabama,  had  previously  suspended.  At  this  period  the 
notes  of  the  Confederated  Treasury  were  at  a  depreciation  in  New  Orleans 
of  ten  to  fifteen  per  cent.  The  Government,  at  liichmond,  looked  upon  the 
course  pursued  by  our  Banks,  in  adhering  to  specie  payments,  as  injurious 
to  the  interests  of  the  Confodcrtfy,  m  a  very  largo  per  xjentage  of  the  expen- 
ditures for  supplies  had  to  ho  innde'ift  Nc^v  Oleads,  aud  the  fuuds  necessary 
could  only  be  placed  there  by  a  sale  of  the  Treasury  Notes  at  the  discount 
named,  they  therefore  addressed  letters  to  the  several  Thanks  urging  them  to 
follow  the  example  of  the  Banks  of  Virginia,  South  Cai'olina  and  Others, 
but  our  Banks  still  determined  to  maintain  the  high  position  they  had 
always  occupied  and  refused  to  suspend,  nordid  theyyield  until  the  Governor, 
by  proelamation,  eaTnestly  Jippesiled  to  them  so  to  do,  while  at  the  same  time 
he  informed  them  that  it\f!\s  out  of  liis  power  to  afford  thorn  relief  from  the 
penalty,  nttaehed  by  law,  to  a  violation  of  their  charters,  but  with  that  patriotism 
that  all  tl»e  Banks  have  oxliibitod  to  the  Kcvcral  -governments  of  the  city> 
State  and  Confederate,  since  tho  CDramoncemont  of  the  war,  they  deter- 
mined to  suspend  the  j^ayment  of  specie,  and  thus  placed  the  issue  of  the 
Confederate  Government  on  a  par  throughout  the  Confederacy,  as  the  Mo- 
bile Banks  snnultaTieOHsly  nntl  for  the  same  reasons  suspended  on  the  same 
day.  It  is  only  just  and  proper  to  remark  that  at  the  same  time  the  Banks 
came  to  this  determinatiwi,  viz  :  on  the  IGtli  of  September,  18G1,  their  re- 
turns to  the  Board  of  Cun-ftnfcy  show  that  they  were  all  more  than  within 
tlie  reiquiremeiits -ftf  the  law,,  ha^•iug  on  Jiand  in  coin  and  ninety  days  pa- 
per, a  much  larger  amount  than  was  iiecessary  to  pay  thoir  liability  to  note. 
hoMers  and  depositors.  The  Sonthern  Bank  was  an  exception  in  the  gen- 
eral suspension,  but  while  tliey  continued  to  pay  all  their  liabilities  in  coin 
to  either  depositors  or  note  hoMcrs,  tiiey  joined  with  the  other  Banks  in 
rccr^ving  in  payment  of  duc.sto  the  Bank  tho  Treasury  notes  at  par,  and 
in  like  manner  paid  them  out  over  their  counter. 

Under'tliis  condition  of  the  Bank.s,  as  wo  are  informed  by  tlic  report  of 
the  Board  of  tfnrreric}'^  the  President  of  the  Board,  under  a  resolution 
passed,  notified  the  Attorney'  General  that  he  had  instructed  the  several 
old  chartered  Banks  to  go  at  once  into  liquidation,  other  means  being  pre- 
scribed for  tho  Banks  orgaiuaxl  under  the  Free  Banking  Act  of  March, 
1855.  The  Attorney  General,  for  reasons  set  forth  in  his  able  special  report 
to  the  Legislature  on  this  snbj{»ct,  declined  to  prosecute  the  Banks,  and  de- 
termined to  await  the  action 'o.r  tho  General  Assembly  before  proceeding 
against  them.  Your  Committee  Have  deemed  proper  to  thus  lay  before 
you,  as  briefly  as  possible,  the  c  ausoB  that  have  brouglit  about  this  condi- 
tion of  OUT  Banks,  and  leave  in  ^^our  hands  the  entire  subject  matter,  and 
at  the  same  time  t<>  report  i\y\'  your  action  in  the  premises  an  act  entitled. 


"  An  act  relative  to  suits,  or  proceedings  for  the  forfeiture  of  the  charters 
of  the  Banks,  or  the  involuntary  liquidation  thereof,''  deeming  it  but  an 
act  of  justice  to  the  Banks  that  the  General  Assembly  should  come  to  their 
relief,  which  this  act  will  aftord  them.  That  they  all  have  violated  their 
charters  and  the  laws,  there  cannot  be  a  question  of  doubt  ;  but  is  it  not  a 
matter  of  duty  on  the  part  of  the  Legislature  lo  sanction  their  action  as 
fur  as  they  possibly  can  ;  they  having  placed  themselves  in  this  condition 
for  no  other  purpose  than  to  subserve  the  great  cause  of  American  lihert)-» 
and  aid,  as  far  as  they  could,  the  successful  prosecution  of  the  great  revo- 
lution in  which  we  are  all  engaged. 

In  furtherance  of  their  duty,  your  Committee  append,  as  part  of  this  re- 
port, the  various  reports  of  the  sub-committees  appointed  to  count  the 
coin  in  the  several  Banks.  They  also  beg  leave  to  report  that  they  made 
a  careful  examination  of  the  assets  of  the  Consolidated  Association,  in 
liquidation,  and  are  pleased  to  state  that  the  assets  will  be  found  ample  to 
meet  the  bonds  of  the  State  as  they  fall  due,  and  for  which  the  State  is 
liable  for  account  of  that  institution.  Too  much  praise  cannot  be  awarded 
to  the  liquidating  commissioners  for  the  manner  they  have  dispensed  the 
duties  of  their  oflice. 

Your  Committee  also  take  pleasure  in  calling  your  attention  to  the  re- 
port of  the  Savings  Institution  of  the  city  of  New  Orleans.  It  continues 
in  a  highly  prosperous  condition,  as  a  perusal  of  the  report  will  show. 
Such  institutions,  and  so  well  managed,  are  a  credit  to  the  commercial 
emporium  of  the  Southern  Confederacy. 

The  bonds  deposited  with  the  Auditor  against  the  circulation  of  the  free 
Banks  have  been  counted  and  found  to  correspond  with  that  officer's  re- 
port, and  the  cancelled  notes  of  the  several  Banks  have  been  destroyed  in 
accordance  with  the  r(>povt  of  the  Sub-Committee,  which  is  herewith  ap- 
pended. 

Your  committee  have  also  had  under  consideration  the  Article  118  of 
the  Constitution  which  permits,  by  consent  of  the  General  Assembly,  the 
issue  of  Bank  notes  by  the  Free  Banks  to  the  extent  of  three-fourths  of  the 
paid  in  capital,  and  they  now  report  a  bill  entitled,  "An  act  to  authorize 
the  Free  Banks  now  existing  to  issue  circulating  notes  in  accordance  with 
the  provisions  of  ordinance  No.  30  of  the  State  Convention."  Your  com- 
mittee deem  it  due  to  the  Free  Banks  that  some  of  the  onerous  restrictions 
of  their  charters  should  be  removed,  in  order  that,  in  the  present  condition 
of  our  planting  and  other  interests,  they  may  be  enabled  to  render  that  aid 
which  is  now  so  very  essential.  The  requirements  of  the  Free  Bankinf»- 
Law  are  of  such  a  stringent  character  that  at  present  they  cannot  afford 
any  relief,  as  already  have  they  been  taxed  to  the  very  extent  of  their 
means,  in  the  aid  they  have  rendered  to  the  State  and  Confederate  Gov- 
ernment. 


6 

Your  Committee  cannot  close  without  taking  some  notice  of  tho  r<»port 
of  the  Hoard  of  Currency.  The  President  appears  to  Ih5  alone  in  his  lio- 
sire  to  have  sfreater  powers  conferred  on  the  lioard  to  tarry  out  the  laws, 
as  we  find  on  an  examination  of  the  report  that  the  other  membora  dissent 
from  his  wishes  on  the  pubject.  We  do  not  deem  it  necessary  tti  take  any 
further  notice,  other  than  in'the  opinion  <>f  the  Committee,  that  while  they 
think  there  inif^ht  he  some  alterations  made  in  the  act  creatinpf  the  Hoiird, 
we  do  not  think  it  proper,  at  tiiis  present  time,  to  sugycst  any  alterations 
or  chancjes. 

The  minutes  of  the  proccedin^•s  of  the  Joint  Committe  are  appended  for 
your  consideration. 

All  of  which  is  respectfully  submitted. 

E.  SAfvOMOX, 
C'hairman  on  the  part  of  the  Senate. 

JOHN  R.  SHAW, 
Chairman  on  the  part  of  the  House. 


REPORT  OF  SUB-COMMITTEES. 


The  unJersiijucd,  a  Sub-Committee  appointed  to  inquire  into  and  examine 
the  coin  in  the  Merchants'  J?ank,  Meeliauics  and  Traders'  Bank  and  Union 
Bank,  beg  leave  to  report  to  tlie  Joint  Committee  that  they  have  performed 
their  labors,  and  herewith  accompiny  this  report  with  a  statement  of  the 
coin  found  in  the  vaults  of  each  of  the  above  named  Banks, 

MKUCIIA.NTS'  BANK. 

American  gold >>110,800  OU 

American  silver 11,500  00 

Mexican  silver,  $4,000  at  102c $4,080  00 

Mexican  silver 713  40 

. 1J93  40 

Spanish  doubloons,  1,253,  worth...... 20,920  00 

Foreign  gold ^ 156  00 

Gold  and  silver  on  Teller's  tray 54  30 

8154,232  70 
Total  coin  $154,232  70,  held  and  owned  by  the  Merchants'  Bank. 


MECHANICS    AxNl)  TKADEUS    BANK. 

In  American  gold 55(325,000  00 

foreign  gold— Spanish  doubloons $18,690  00 

French  coin 8,250  00 

Kepublican  doubloons 4,545  00 

Mexican  doubloons 3,255  00 

Spanish  doubloons 2,160  00 

86,900  00 


g 

Mexican  silver 10,000  00 

Mexican,^  4,000,  at  l02c 4,080  00 

American  silver 0,000  00 

Mixed  lots  of  gold  and  silver  in  vault 400  00 

Old  and  mixed  silver  in  vault 750  00 

Gold  and  silver  on  Teller's  tray ,.  2,377  00 


20,OS0  00 


:],477  00 


8685,457  00 
Total  coin   8085,457,  held   and  owned  by  the  Mechanics  and  Traders' 


Bank. 


UNION  BANK. 

American  gold 1315,000  00 

American  silver 27,278  00 

Mexican  silver,  $12,998,  at  102c.  to  the  dollar lo,257  9() 

American  gold  on  Teller's  tray 725  00 

^356,200  90 
Total  coin,  $350,260  9G,  held  and  owned  by  the  Union  Bank. 
All  of  which  Is  respectfully  submitted. 


ED.  D.  NEAVELL,       )  ^  ,  ^ 

JOS.  W.  CARROLL.  {  ^^l>^^'"^^ttcc. 


New  Oulkaxs,  December  G,  1861. 


STATEMENT 

0/  the  Sub- Committee  appointed  to  ascertain  the  amount  of  Coin  m  the 
Citizens  Bank  and  Soxithern  Bank. 

Your  Committee  beg  leave  to  report  that  they  repaired  to  the  Citizens' 
Bank  for  the  purpose  of  counting  the  coin  and  found  the  same  impractica- 
ble, from  the  fact  that  the  coin  was  mostly  in  kegs  and  could  not,  without 
great  labor,  be  counted.  They  therefore  present  a  statement,  certified  under 
oath  of  the  President  and  Teller,  which  they  make  a  part  of  this  report,  as 
follows  : 

Coin  in  mother  Bank,  per  statement «4,013,043  70 

Coin  in  Branch  Bank,  per  statement 22,185  32 


84,035,229  11 


IN  THE  SOUTHEUX  BANK. 

In  American  gold..... 845,810  00 

In  mixed  coin 26G  63 

In  Spanish  doubloons 3,402  62 

In  American  silver  dollars 12,000  00 

In  American  half  dollars,  dimes,  etc 21,600  00 

In  Mexican  dollars , 198  00 


$82,777 
R.  W.  ESTLIN, 
L.  A.  SCUDDAY. 


New  Orleans,  December  6,  1861. 


STATEMENT 

Of  Coin  ill  Citizens'  Bank  Decemher  6,  1861. 

Silver  bars S        8,256  85 

Mexican  dollars $1,006,000 

At  102  ccutseach 20,120 

1,026,120  00 

American  dollars $    286,000 

At  102  cents  each 5,720 

291,720  00 

•7    D     D 


10 

• 

American  half  dollars 70,000    00 

American  quarter  cioUars 1,000  00 

American  10c.  and  5c.  pieces 41,000  00 

American  gold 2,413,174  25 

Spanish  doubloons,  2,3605,  at  $15  60  each 36,S25  75 

Spanish  doubloons,  1,000,  at  |1G  each 10,000  00 

Mexican  doubloons,  5,480,  at  §15  GO  each 85,4."^S  00 

South  American  doubloons,  800,  at  *15  40  each..  12,320  00 

Sovereigns,  Napoleons,  10  guilders,  etc 3,388  00 

Change  on  trays  and  counter 7,750  94 

Total  specie 54,013,0.43  79 


BUAN'OII  AT  SIIUKVEPORT,  NOVEMBKR  30,  18G1. 

Gold $16,501  05 

Silver 5,084  27 

$22,185  32 


Total  in  Bank  and  Branch .'?...  14,035,229  11 

(Signed)  C.  W.  CAMMACK,  Teller! 

JAMES  D.  DENEGllE,  President. 

Sworn  to  and  subscribed  before  me  this  day,  December  G,  1861. 
(Signed)  AllTHUR  SAUCIER, 

Third  Justice  of  the  Peace. 


11 


Your  Sub-Coinraittee  appointed  to  count  coin  in  the  Branch  of  the  Lou- 
isiana State  and  Louisiana  State  Bank  and  Crescent  City  Bank  beg  leave 
to  report  as  follows  : 

LOUISIANA    STATE    DANK. 

American  Gold $1,833,000  00 

Spanish  and  American  Doubloons 241,910  21 

American  and  Spanish  Doubloons 340,517  00 

American  Dollars 17,000  00 

On  counter  in  change  and  gold 1,203  54 

$2,433,630  75 


IN    BRANCH    DANK    OF   THE    LOUISIANA   STATE. 

American  gold S255,000  00 

Foreign  gold 5,657  50 

American  and  Spanish  silver 28,463  60  289,121  10 

$2,722,751  85 
Reported   by  mother  Bank  on  hand  in  Ba- 
ton Rouge,  to  be  verified  by  your  Com- 
mittee   35,200  00 

$2,757,951  85 


CRESCENT     CITY    BANK. 

American  gold $150,525  00 

Foreign  gold 10,750  10 

American  dollars 10,232  00 

Copper  cents 10  00 

On  counter,  in  gold  and  silver 1,320  00 

■  8172,837  10 

Dimes,  half  dimes,  quarters  and  halves 3,000  00 


$175,837  10 


12 

Your   Committee  examin«'il   the  assets  of  the   Consolidiiled    Bank    in 
li<|uidation,  and  found  the  .same  to  corrcspoud  with  the  report  to  the  Board 
of  Currency.     They  also  examined  tlie  asseUs  and  eondition  of  the  Sav- 
ings Institution,  and  found  the  same  liighly  satisfactory. 
All  of  which  is  respectfully  submitted  by 

E.  SALOMON, 

On  part  of  Senate. 
J.  R.  SHAW, 

On  part  of  Ilonsf. 
Nkw  Oklkans.  Docciuber  G,  18fil. 


13 


The  utiderfiigned,  appointed  a  Sub-Committee  to  examine  the  coin  in 
Canal  Bank  and  Bank  of  New  Orleans,  submit  the  following  report: 

CAXAL     BANK. 

IG  kegs,  $5,000  each,  in  $20  gold  pieces $800,000  00 

1  keg,  gold,  mixed ftOjOOO  00 

1    •  •       •  •        •  •      1 0,000  00 


Gold $860,000  00 

Silver. 
In  Mexican  dollars- $6,733  at  2  per  cent,  prera. $6,867  00 

In  American  half  and  dollars,  (1  keg.) 5,000  00 

On  trays,  mixed  silver 5,900  00 

In  silver 17,737  00 

4         $877,767  00 


BANK    OF    NEW    ORLEANS. 

25  boxes  gold,  $20,  $30,000  each $750,000  00 

1  tray 5,900  00 

1   •  •    1,945  00 

1  bag  foreign  gold 7,070  00 

$764,915  00 
Silver. 

6  kegs  half  dollars,  $5,000  each 30,000  00 

1  keg  American  and  Mexican 4,590  00 

2  boxes  half  dollars,  $1,000  each 2,000  00 

1  box  dimes  and  half  dimes 1,000  00 

1  box  half  dollars 400  00 

2  trays  quarters 680  00 

1  tray  small  change 300  00 

Change  Paying  Teller's  desk 75  42 


$803,960  42 
FELIX  LABATUT, 
C.  E.  RULE. 
New  Orleans,  December  6,  1861. 


u 


The  undersigaed,  appoiDted  a  Sub-Committee  to  examiDc  the  coin  in  the 
Bank  of  Louisiana  and  Bank  of  America,  submit  the  following  report : 

DANK   OK   1.0CISIANA. 

American  gold $1,442,802  85 

Foreign  gold,  (Sovereigns,  Napoleons  and  Donbloons) 1,010,445  94 

$2,453,248  79 

American  silver $319,717  46 

Mexican  dollars 79,750  00 

399,467  46 

Total $2,8.'i2,716  25 


*.  BANK  or  AMERICA. 

American  gold • $617,850  00 

Foreign  gold 67,733  12 

$685,583  12 

American  silver $46,913  68 

Mexican  dollars  of  $1  02 33,762  00 

80,675  58 

Total $766,258  70 


ALSO, 

Bullion  (not  counted  bv  the  Board  of  Currency)  valued  at. .  .   $14,921  65 

•,,      rN.  D.  COLKMAN, 
bnbCommittee.  |  ^^^q^q  GARDERK, 

New  Oukkaxs,  December  Glh,  1861. 


STATEMENT 

Of  the   Condition  of  the  Consolidated  Association  in  Liquidation  nn  fheSOth 
November,  1861. 

Liabilities  other  than  those  of  movement: 

Aimexes  to  State  Bond  of  1843 $204,000  00 

1848 344,000  00 

$548,000  00 
Dead  weight,  to-wit  : 

Real  estate 1 $     7,553  10 

Long  loans  on  stock 254,807  87 

mortgage 10,590  00 

Protested  paper 7,984  90 

Bills  receivable 163,940  61 

Other  assets 129,923  79 

City  bonds 23,612  50 

$598,412  77 
Movement — Cash  liabilities  : 

Coupons  of  interest $2,971  15 

Cash  assets 8,018  75 

Consolidated  Association  of  the  Planters  of  Louisiana. 
H.  L.  PIERRK.  Cashier. 


16 


STATEMENT 
Of  the.  condhion  of  ihf.  New    Orleans  Savimjs  Institution,  Xovtmher  30//i, 

1801. 

MAUILITIES. 

Received  from  5,932  depositors  in  30,118  dep's.$2,r)24,867  11 
Paid  in  22,219  drafts 2,178,900  57 

Amount  duo  depositors  this  day |;]45,90()  54 

Certificates  of  deposits,  amount  outstanding. . .  2,000  00 


Total  liabilities $347,960  54 


Loan  on  pledge  of  Bank  stocks  : 
On  305  shares  Crescent  City 

•  30     •  •      Citizens' 

•  704     •  •      Merchants' 

•  113     •  •      Louisiana  State  Bank 

•  380     ■•      Union  Bank 

•  170     •  •      Canal  and  Banking  Company. . . 

•  115     •  •      Bank  of  New  Orleans |148,678  32 

Loans  on  mortgage  of  improved  city  property 

worth  double  the  amount  loaned 49^443  31 


$83,000  city  bond.s  issued  to  N.  O.,  Jackson,  and 

G.  N.  and  Opelousas  li.  R.  Co's (36,990  00 

870,000  8t.  Charles  Hotel  7  per  cent,  mortgage 

bonds,  cost 01,750  00 

Cash  in  Bank  of  Louisiana $61,140  53 

•  •     vault 5,534  31 

$66,680  84 

Total  assets $393,542  47 

(Sigucdj  SAM.  JONES,  Jr.,  Secretary. 

Nkw  Okleans,  December  7th,  1861. 


17 


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18 


BONDS 

Belonging  to  the  Free  Bavks  deposited  irith  State  Treaaurer. 

By  the  Bank  of  New  Orleans  : 

449  city  bonds  of  $1,000  each ?449,000 

142  State  bonds  of  51,000  oach 142,000 

r,60  State  bonds  of  5500  each 180,000 

$771,000 

By  the  Union  Bank  of  Louisiana : 

500  city  bonds  of  81,000  each. ' $500,000 

500  Stale     •  •  500  oaeh 250,000 

?750,000 

By  tlic  Mechanics'  and  Traders'  Bank  : 

511  city  bonds  of  $1,000  each 511,000 

By  the  Southern  Baidc  : 

188  city  bonds  of  $1,000  each 188,000 

By  the  Merchants'  Bank  : 

300  city  bonds  of  $1,000  each 300,000 

By  the  Bank  of  America : 

286  city  bonds  of  §(1,000  eadfc 8286,000 

24  State    ••  1,000  each 24,000 

310,000 

By  the  Crescent  City  Bank  : 

250  city  bonds  of  11,000  each §250,000 

96  State  •  •  1,000  each 96,000 

4  State   ••  500  each 2,000 

348,000 

Examined  and  counted.  E.  SALOMON, 

JOHN  R.  SHAW, 
R.  W.  ESTLIN, 
LEWIS  TEXADA, 
J.  II.  LINDSAY, 
E.  D.  NEWELL, 
N.  D.  COLEMAN. 


19 


Baton  Kouge,  December  14th,  18G1. 

To  the  Joint  Commitlee  on  Banks  and  Bavkinq  : 

The  nndersiged  Sub-Committee  bea;  leave  to  report  that  they  have  de- 
stroyed by  fire  the  following  cancelled  notes  of  the  several  Free  Banks  of 
the  city  of  New  Orleans,  viz  : 

Merchants'  Bank  and  Bank  of  James  Robb S27G,000 

Bank  of  New  Orleans 145,000 

Mechanics'  and  Traders'  Bank '. 120,630 

Union  Bank 50,000 

Southern  Bank 99,000 


8G90,G30 


The  Sub-Committee  regret  that  they,  like  their  piedccesaortj,  have  to  call 
the  attention  of  the  Joint  Committee  to  the  very  loose  and  irregular  man- 
ner that  the  notes  of  the  Bank  of  New  Orleans  are  put  up  and  cancelled. 

The  Committee  found  it  impossible  to  ascertain  the  contents  of  the  pack- 
ages except  from  the  endorsement  of  the  Directors.  Notes  of  all  denomi- 
nations, from  5's  to  500's,  were  found  in  the  same  packages,  and  some  of 
the  notes  so  badly  cancelled  that  with  but  little  labor  they  might  again  be 
put  in  circulation.  The  notes  of  the  other  Banks  were  found  properly  can- 
celled and  handsomely  put  up. 


On  part  of  the  Senate.  ■] 


E.  SALOMON, 
J.  A.  SCUDDAY. 

..         ,    , ,.     TT  S  JOHN  R.  SHAW, 

On  part  ot  the  House.  -.  ^    ^y    ESTLIN 


M  I K  U  T  E  S 


|aint  Conmiitltc  on  ^unhs  anb  ^^anliiug. 


COMMITTEE  OF  THE  SENATE. 

lion.  E.  Salomon,  Chairnvan. 
Iloii.  F.  Oardere,  Hon,  En.  I).  Nf.weix, 

•  •      F.'  LArtATlT,  •  •      J  AMES  A.  ScVDDAY, 

•  •    L.  Texada,  •  •    J.  W,  Butler. 


COMMITTEE  OF  THE  HOUSE, 
lion.  John  R.  Shaw, 
Hon.  C.  E,  lluui,  Hull.  N.  D.  Coleman, 

•  •     E.  Lecendre,  •  •     J.  W.  Cakuoll, 

•  •       R.   W.  EsTLIN.  •  •       J.  V.  Dl'KALDE. 


Oi'KK'i:  BoAiti)  01'  CcKRKNCY,  Now  OrlcaiiP,  4tli  l)fCr>inbor,  1801. 

The  Joint  Coinuiittce  on  I'.anks  and  Bankinj^  met  this  inoining'  pursuant 
to  call. 

Present  on  the  part  ol'  ihe  Senate,  lions.  E.  Salomon,  Cliairnian,  Fergus 
Gardere,  Felix  Labatut,  Ed.  1).  Newell  and  J.  A.  Scudday. 

On  the  part  of  the  House,  Rons.  John  R.  Shaw,  C.  E.  Ilulli,  R.  W. 
Estlin,  N.  1).  Coleman  and  J.  W.  Carroll. 

The  annual  report  of  the  ]'>oard  of  Currency  and  the  special  report  of  the 
Attorney  General  of  the  Slate,  liciiii;:  presented,  on  motion  of  the  Chair, 
they  were  read  by  the  Secretary. 

On  motion  the  Chairman   aj)!  uinted  ihe   rol!o\\ini^-   Sub-Committees  to 


21 

count  the  coin  in  the  vaults  of  the  Banks  on  Friday,  the  6th  instant,  and  to 
report  to  the  Joint  Committee  on  the  evening  of  tliat  day : 

Bank  of  Louisiana  and  Bank  of  America,  Messrs.  Gardere  and  Coleman. 

Citizens'  Bank  and  Southern  Bank,  Messrs.  Estlin  and  Scudday. 

Canal  Bank  and  Bank  of  New  Orleans,  Messrs.  Labatut  and  Rulh.  • 

Merchants'  Bank,  Union  Bank  and  Mechanics'  and  Traders'  Bank,  Messrs. 
Carroll  and  Newell. 

Louisiana  State  Bank  and  Branch,  Crescent  City  Bank,  Consolidated  As- 
sociation and  New  Orleans  Savings  Institution,  Messrs.  Salomon  and  Shaw. 

On  motion  the  Committee  adjourned  to  meet  on  Friday  evening,  the  6th 
instant,  at  6  o'clock. 

(Signed,)  JAMES  FLINT,  Secretary,  pro  tern. 


Okkick  BoARn  ok  Ccurkxcv,  New  Orleans,  6th  Decemljer.  18G1. 

The  Joint  Committee  on  Banks  and  Banking  met  this  evening  pursuant 
to  adjournment. 

Present  on  the  part  of  the  Senate,  Hons.  E.  Salomon,  Fergus  Gardere, 
F.  Labatut,  Ed.  D.  Newell  and  James  A.  Scudday. 

On  the  part  of  the  House,  Hons.  John  R.  Shaw,  C.  E.  Rulh,  R.  W.  Est- 
lin, N.  D.  Coleman,  J.  W.  Carroll  and  J.  V.  Duralde. 

Hon.  E.  Salomon  in  the  Chair.  The  minutes  of  the  last  meeting  were 
read,  and,  on  motion,  approved. 

The  Sub-Committees  appointed  at  the  last  meeting  submitted  their  re- 
ports of  the  examination  of  the  vaults  of  the  several  Banks,  giving  a  de- 
tailed list  of  the  coin  held  by  each  Bank,  which  being  road  were,  on  mo- 
tion, approved. 

On  Mr.  Gardcre's  motion,  duly  seconded  uud  agreed  to,  the  Secretary 
was  instructed  to  address  a  communication  to  the  several  Banks  and  to 
ask  of  them  : 

1st.  What  was  the  amount  of  unmatured  paper  of  all  kinds  held  by  your 
Bank  on  the  day  of  suspension  of  specie  payment,  the  16th  September  last, 
and  what  is  the  amount  held  on  this  day,  the  6th  December  instant  ? 

2d.  What  is  the  amount  loaned  by  your  Bank,  either  to  the  State,  to  the 
Confederate   States,  or  the  parishes  of  the  State,  for  war  purposes  ? 

It  was  agreed  that  this  Committee  meet  the  Sub-Committee  of  the  Fi- 
nance Committees  of  both  Houses  of  the  Legislature  and  the  Presidents 
of  the  several  Banks  on  Saturday  morning,  the  7th  inst.,  at  10  o'clock,  at 
the  office  of  the  Board  of  Currency. 

On  motion  the  Committee  adjourned. 

(Signed,)  JAMES  FLINT,  Secretary,  pro  tem. 


<>•) 


Uatox  UoiiiK,  December  loth,  1801. 

The  Joinl  Cuinmittee  met  this  inuininjj  pursuant  to  ailjuurument. 

Presont,  Uons.  E.  Salomon,  J.  R.  Shaw,  F.  Gardere,  Butler,  Scudday, 
Newell,  Texada,  Colouian,  Kstlin  and  Carroll. 

The  Chair  submitted  the  following  bills  : 

"An  Act  relative  to  suits  or  proceedings  for  the  forfeiture  of  the  char- 
ters of  the  Banks  of  this  State,  or  the  involuntary  liquidation  thereof." 

"  An  Act  to  authorize  the  Free  Banks  now  existing  to  issue  circulating 
notes  in  accordance  with  the  provisions  of  Ordinance  No.  W,  of  the  State 
Convention." 

Botii  of  which  were  unanimously  ailoDted  by  the  Committee 

The  Chairmen  also  submitted  their  report  to  the  two  Ilouses,  which  was 
unanimously  adopted  : 

On  motion  the  Joint  Committee  adjourned. 


CONDENSED  REPORT 

0/  the   Sub- Cotmnittees  appointed  to  count  the  Coin  in  the  several  Banks  on 
the  (Sth  December,  1861. 

Citizens'  Bank  and  Branuli  at  Shreveport $4,085,220  11 

N.  0.  Caual  and  Banking  Company 877,767  00 

Bank  of  Louisiana 2,852,716  25 

Louisiana  State  Bank  and  Branches 2,757,951  85 

Mechanics'  and  Traders'  Bank 485,457  00 

Bank  of  New  Orleans 803,960  42 

Union  Bank 356,200  96 

Southern  Bank 82,777  25 

Merchants'  Bank 154,2;)2  70 

Bank  of  America... 766,258  70 

Crescent  City  Bank 175,837  00 

Total  coin  in  all  the  Jianks  this  day $13,548,448  24 

Nkw  Ori.k.vns,  Gth  December,  1861. 


